Arbitrum (ARB) has rebounded with a robust buy signal, reversing a weeklong decline of 13.6%.
ARB experiences bullish momentum amidst a 0.4% increase in the global crypto market cap, reaching $1.63 trillion in the last 24 hours. Despite this, the global daily trading volume has decreased by 32%, stabilizing at approximately $57 billion at the current reporting time.
Arbitrum (ARB) Registers 1.5% Gain Amidst Market Activity
Arbitrum (ARB) has seen a 1.5% increase in the last 24 hours, currently trading at $1.7. The asset’s market cap has surged to $2.17 billion, accompanied by a daily trading volume of $535 million.
ARB price, whale activity, RSI and social volume – Jan. 25 | Source: Santiment
Santiment’s data reveals a notable 126% increase in Arbitrum’s social volume over the past 24 hours. Interestingly, social activity around Arbitrum had experienced sharp declines in tandem with its price throughout the previous week.
A significant factor contributing to ARB’s recent price drop could be attributed to the $1.7 million hack on the Concentric app that occurred on January 22.
Santiment’s data also indicates a decline in the ARB Relative Strength Index (RSI) from 46 to 23 in the past day. This suggests that Arbitrum has been facing low volatility and selling pressure. As a result, the token may be poised for potential bullish momentum as investor optimism begins to rise.
ARB Signals Strength with 152% Price-Daily Active Addresses Divergence
According to Santiment, Arbitrum (ARB) demonstrates robust market strength with a price-daily active addresses (DAA) divergence of 152%. This signifies a strong buy signal, indicating a lower likelihood of price manipulation by large investors.
The number of whale transactions involving at least $100,000 worth of ARB tokens has decreased from 664 to 537 in the past day, as reported by the market intelligence platform. This decline in significant transactions suggests potential stability and reduced manipulation risks.
As of January 3, a report highlighted that the total value locked in the Arbitrum One platform surpassed $10 billion, marking a 15% surge in a single day. This substantial growth underscores the robust potential for both the Arbitrum platform and its native digital asset ARB.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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